- Bloomberg ‘expected’ was -1.9%. But, after yesterdays upside surprise in the Q1 construction work data release (here and more here) many economists revised their expectations higher and this is not in the Bloomberg surveys showing. Westpac, for example, revised their expectations from -1.8% to -0.5%
- prior was -5.2%
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The 2nd estimate of 2014/15 capex is at $A137.1bn:
- consensus expectation is for A$127.8 bn
- A$124.9 bn was the ‘prior’, in the Q4 survey
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Quick take – while the headline ( -4.2%) is quite poor compared to expectations, that ‘2nd estimate’ is better and is a positive. Its this result that the RBA will pay more attention too in policy decisions.
